Regulation, accounting in focus at capital summit Tuesday

WASHINGTON (MarketWatch) -- Regulators should do more "cost-benefit analysis" of new regulations on companies and consider a more "principles-based" regulatory system, U.S. Treasury Secretary Henry Paulson said Tuesday. Speaking at a conference on U.S. capital markets, Paulson also singled out the U.S. accounting industry for reform, saying "there are legitimate questions about the sustainability of the accounting profession's business model." Paulson and Washington and Wall Street luminaries are discussing how to make U.S. markets more competitive at a day-long conference.

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